When it comes to helping manage your money and helping to secure your future, you may want to think about hiring a retirement advisor.
Saving for the future may not seem like a top priority compared to daily expenses, short-term savings goals, and paying off debt. However, the sooner you get ahead of the saving process, the better you can leverage certain investing advantages, and the more your money could grow.
Achieving an early start on retirement planning also allows for a bit of wiggle room if you decide to change your strategy. To help you decide on whether a retirement advisor is a right choice for you, here are the top 5 benefits of working with a retirement advisor, in no particular order:
- What is the goal?
Most likely, the single largest cause of mistakes that can reduce the performance of your investment portfolio or even completely zero it out is the lack of an objective.
Investment decisions can sometimes be driven by emotion. Particularly, feelings of worry and panic can undo months or even years of hard work. So, what exactly are you saving for?A retirement advisor can help you nail down this type of question with concrete financial goals to help get you there efficiently. Picking the right investments is essential, but timing your entry and exit are just as crucial to success.
- Field expertise
Most likely, retirement advisors will be more well-versed on all there is to know on how to invest best and save your money. They can look at your plan from a third-party standpoint and help you determine your goal, where there are strong points that are working, and what may need improvement. Your advisor can also help you to stay level-headed when the market is volatile.
It can be beneficial to have a second pair of eyes looking at investment decisions to help prevent buying or selling at the wrong time out of fear or anxiety.
- Ever-changing tax laws and policy changes
You have enough on your plate as it is; keeping up with the ever-changing tax laws and policies is an unnecessary additional hassle. Insert a retirement advisor: whose job is to stay on top of these kinds of tax laws and policy changes that could affect your retirement plans.
This is a crucial point for avoiding potentially costly mistakes. For example, let’s say you are deciding to make an early IRA withdrawal to pay for your daughter’s college or buy a first home; you’d want to know whether you’ll need to pay the penalty or income tax on the withdrawal before making that big decision. And, of course, you’d want to calculate how withdrawing money early might impact your long-term savings plan. These are the kind of questions a retirement advisor can help answer for you.
To piggyback off point number 3, a large majority of a retirement advisors’ job is centered around research in general. Their job is to help ensure you’re presented with the best possible opportunities so that you are better able to achieve a financially successful retirement.
If an advisor doesn’t already have the answers to questions, he or she will most likely have the resources to find you the right answers.
The most attractive positive to hiring a retirement planner is that you could potentially have a beautiful investment portfolio. Once you find the right advisor, you can rest more easily and feel safer in knowing that a top professional in this field is taking care of a wide range of challenges, questions, and a whole lot of research that you would otherwise have to handle alone.
Hiring a retirement income advisor may require you to spend some time and money. But if you’ve got the right person on your team, it can be a worthwhile investment.
At Johnson Wealth and Income Management, our commitment is to help you work towards achieving all your financial goals and to help provide you with a “worry free” retirement. Reach out to us here today to find out more.
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